MFSA Deny QROPS Influx

The Chairman of the Maltese authority responsible for the regulation of financial services has moved to reject claims that the jurisdiction will become a magnet for QROPS products.

After Guernsey providers lost their QROPS status earlier in the year it was suspected that the Mediterranean offshore destination would see a corresponding influx in the QROPS market. However, Maltese authorities have denied that this has happened.

Meanwhile other jurisdictions are still weighing up their options with regards to QROPS. Wendy Martin director of tax policy in the Jersey Treasury and Resources Department said that the island is “still considering its options”.

At the same time Skandia International is pursuing a policy of working with multiple QROPS providers in multiple jurisdictions including Malta and the Isle of Man.

Joseph Bannister, Chairman of the Maltese Financial Services Authority said, “In November 2009, Malta, after much close work with HMRC, received its QROPS status and the MFSA approved its first schemes in the months following,”

“Malta continues to work closely with HMRC on its QROPS and we would be very careful about which schemes we would allow to establish here. If schemes have had their QROPS status removed, for instance, then it is unlikely the MFSA would want to approve them.”